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JPMorgan Chase is introducing a blockchain powered interbank payment program based off Quorum which uses the ethereum network.
Two other Australian banks, ANZ and the Royal Bank of Canada (Australia), will be joining JPMorgan Chase to form the “Interbank Information Network”, or IIN.
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“IIN will enhance the client experience, decreasing the amount of time – from weeks to hours – and costs associated with resolving payment delays. Blockchain capabilities have allowed us to rethink how critical information can be sourced and exchanged between global banks,” said Emma Loftus, head of global payments and foreign exchange for JPMorgan Treasury Services.
Additional banks are likely to join the network in the coming months, with a particular attention on the correspondent banking market.
Despite JPMorgan Chase CEO Jamie Dimon’s anti-bitcoin position, blockchain technology, the underpinning technology of bitcoin, has been an area of emerging emphasis for the Wall Street mega-bank.
With significant resources allocated to ingenuities like Quorum, the Hyperledger Project and the Enterprise Ethereum Alliance, the future of blockchain technology looks very optimistic.